[Exclusive] Seoul City Reviewing Jamsil 5 Complex Redevelopment Plan... Approval Likely

▲ Panoramic view of Jamsil Jugong Complex 5, Songpa-gu, Seoul

[Asia Economy Reporters Kim Hyemin and Lee Hyunju] The redevelopment plan for Jamsil Jugong 5 Complex, considered one of the major reconstruction projects in the Gangnam area of Seoul, has been submitted to the Seoul City Urban Planning Committee.

According to the redevelopment industry and Seoul City on the 25th, the city held a delegated subcommittee meeting of the Urban Planning Committee and is currently reviewing the agenda this afternoon. It is known that the agenda includes the redevelopment plan for Jamsil Jugong 5 Complex. The delegated subcommittee is a body authorized by the Seoul Urban Planning Committee to review and decide on redevelopment plans. The city had previously requested the agenda to be submitted to the delegated subcommittee.

Jamsil Jugong 5 Complex, now in its 45th year, passed Seoul City's review in 2017 to upgrade the zoning of the general residential area within the complex to a semi-residential area, allowing reconstruction up to 50 floors. However, the project has been delayed for several years as the redevelopment plan has not passed the delegated subcommittee.

Industry insiders are optimistic about its approval. A redevelopment industry official said, "The fact that the agenda has been submitted can be interpreted as a sign that the redevelopment plan is likely to be approved," adding, "We understand that approval is highly probable."

According to the redevelopment plan announced at last year's general meeting of Jamsil Jugong 5 Complex, the apartment complex is expected to transform from the existing 3,930 households to 6,827 households through reconstruction.